Axie Infinity Surpasses $4 Billion in All-Time NFT Sales

February 27, 2022 2:46 pm

The popular blockchain based online video game Axie Infinity has now reported over $4 billion in all-time NFT sales that were conducted within the game.

Axie Infinity is built on the Ethereum blockchain and has its own native digital currency axie infinity (AXS) which is used for the virtual exchange of goods and services within the game.

The game was launched back in 2018 and is known as a play-to-earn game which means players are incentivized with rewards and other tangible assets in exchange for their participation in the game.

In just the past year alone, the game’s native token AXS has recorded record growth where it increased by around 2500% indicating the emergence of blockchain based games and its new revolutionary game model.

Bitcoin.com reports:

The Ethereum-based video game Axie Infinity has been very popular during the last 12 months as the P2E pet training world has seen significant demand.

The game’s native digital currency axie infinity (AXS) has increased by 2,544% against the U.S. dollar over the last year.

On the other hand, smooth love potion (SLP), hasn’t been so lucky and is down 70% in value year-to-date. Metrics indicate that there’s 53,502 AXS token holders today and out of 166,870 Axies there are 45,276 Axie owners.

This week, NFT metrics show, the project developed by Sky Mavis captured more than $4 billion worth of all-time NFT sales.

Today, the average Axie Infinity sale price is $198.77 and the project has seen 1,905,222 traders, according to lifetime statistics.

With approximately $4.14 billion in all-time sales recorded at the time of writing, Axie Infinity is the third-largest NFT project in terms of all-time sales.

The game’s NFT sales are below Opensea’s $21.85 billion and Looksrare’s reported $16.85 billion.

While Axie Infinity is based on the Ethereum blockchain was has been known for its high transaction fees and slower speeds compared to other blockchain competitors, the game actually uses the Ronin network in order to by pass these Ethereum issues.

As of right now, the Ronin bridge already has over $3 billion in total locked value indicating that the bridge has been used significantly by the game successfully and could continue to allow it to scale with no issues.

Statistics have shown that NFT sales for the game has been dropping in the recent month although the recent decline could be more of a reflection of the decline of the overall crypto market right now which is far from its all time highs of last year.

The continued growth of Axie Infinity has gained the confidence of many investors in regards to a new era of gaming that is emerging which is known as the play-to-earn era.

Yahoo reports:

According to the World Economic Forum, approximately three billion people are playing video games all over the world.

This new type of gaming based on blockchain technology is just in its early stages, and it’s introducing a new digital economy into the gaming world.

Especially in countries with emerging markets like the Philippines and Venezuela, where people are playing games such as Axie Infinity, in order to earn the income needed due to their economic, social, and political situation.

The blockchain NFT games are bringing value to digital things, and it introduces a huge role to the future, especially to the metaverse, which appears to be the way we are heading.

As of right now, AXS is considered the 41st largest cryptocurrency and currently has a total market capitalization of $3 billion.

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